AIRPORT CITY, Israel, Nov. 4, 2015 /PRNewswire/ -- SodaStream International Ltd. (NASDAQ: SODA), the leading manufacturer of home beverage carbonation systems, announced today its results for the three and nine month periods ended September 30, 2015.
For the third quarter ended September 30, 2015, on an adjusted basis*
*Adjusted revenue, Adjusted operating income, Adjusted net income and Adjusted diluted earnings per share are non-IFRS financial measures that eliminate the effect of restructuring costs, which include $2.5 million of pre-tax charges incurred as part of the Company's restructuring and growth plan announced on October 29, 2014. The charges were related to activities associated with discontinued products, which decreased inventory and fixed assets by $1.9 million and increased cost of revenue by $1.9 million. An additional expense of $0.6 million was associated with the transition to the new Lehavim plant in Southern Israel which increased cost of revenue. Adjusted EBITDA represents earnings before financial income, income tax, depreciation and amortization, and further eliminates the effect of restructuring costs. Reconciliations of the non-IFRS measures included in this press release to the IFRS results are included at the end of this press release.
"Our operating results were similar to the year ago period on a constant currency basis as the growth plan we announced a year ago continues to gain traction. Our recent performance included a number of highlights that underscore the strength of our brand and business model" said Daniel Birnbaum, Chief Executive Officer of SodaStream. "Third quarter CO2 refills increased 10% to an all-time record 7 million, a great indication that our global user base is increasing consumption. We believe usage rates will continue to grow as existing and new consumers embrace our repositioning as a healthy "water brand" provided by our enhanced better-for-you product portfolio, which we recently launched in the U.S. and other select countries. As we accelerate production in our new, state-of-the-art plant in Lehavim, and continue the launch of our new Waters line and strategic repositioning, we believe we are poised to start delivering improved financial results and greater shareholder value beginning in 2016."
Third Quarter 2015 Financial Reviews |
||||||||||||||||
(The financial review relates to the Non-IFRS Consolidated Statements of Operations. All USD values are in accordance with IFRS unless stated otherwise.) |
||||||||||||||||
Geographical Revenue Breakdown |
||||||||||||||||
Revenue |
Three Months Ended |
|||||||||||||||
September 30, |
September 30, |
(Decrease) |
(Decrease) |
|||||||||||||
In Millions USD |
% |
|||||||||||||||
Western Europe |
$ |
74.6 |
$ |
68.5 |
$ |
(6.1) |
(8) |
% |
||||||||
The Americas |
29.5 |
26.2 |
(3.3) |
(11) |
% |
|||||||||||
Asia-Pacific |
13.3 |
9.0 |
(4.3) |
(32) |
% |
|||||||||||
Central & Eastern Europe, Middle East, Africa |
8.5 |
6.3 |
(2.2) |
(27) |
% |
|||||||||||
Total |
$ |
125.9 |
$ |
110.0 |
$ |
(15.9) |
(13) |
% |
||||||||
Product Segment Revenue Breakdown |
||||||||||||||||
Revenue |
Three Months Ended |
|||||||||||||||
September 30, 2014 |
September 30, 2015 |
(decrease) |
(decrease) |
|||||||||||||
In millions USD |
% |
|||||||||||||||
Sparkling Water Maker Starter Kits |
$ |
41.5 |
$ |
34.2 |
$ |
(7.3) |
(17) |
% |
||||||||
Consumables |
81.2 |
73.9 |
(7.3) |
(9) |
% |
|||||||||||
Other |
3.2 |
1.9 |
(1.3) |
(41) |
% |
|||||||||||
Total |
$ |
125.9 |
$ |
110.0 |
$ |
(15.9) |
(13) |
% |
||||||||
Product Segment Unit Breakdown |
Three Months Ended |
|||||||||||||||
September 30, 2014 |
September 30, 2015 |
Increase (decrease) |
Increase (decrease) |
|||||||||||||
In thousands |
% |
|||||||||||||||
Sparkling Water Maker Starter Kits |
818 |
639 |
(179) |
(22) |
% |
|||||||||||
CO2 Refills |
6,396 |
7,021 |
625 |
10 |
% |
|||||||||||
Flavors |
7,607 |
6,726 |
(881) |
(12) |
% |
The decrease in revenue year-over-year was mainly due to changes in foreign currency exchange rates which reduced revenue by $16.0 million. Since the same period a year ago, several foreign currencies have weakened versus the U.S. dollar, including the Euro by 17%, the Australian Dollar by 22% and the Swedish Krona by 18%.
Gross margin for the third quarter 2015 (before the impact of restructuring costs) was 48.4% compared to 51.2% for the same period in 2014. Third quarter 2015 gross margin was negatively impacted by changes in foreign currency exchange rates versus the same period last year, partially offset by higher share of CO2 refills in the product mix.
Sales and marketing expenses for the third quarter 2015 totaled $36.0 million, or 32.8% of revenue, compared to $41.6 million, or 33.1% for the comparable period last year. The decrease was primarily attributable to lower distribution costs driven by lower sales volume. Sales and marketing expenses also decreased versus the same period last year due to changes in foreign currency rates, mainly the weakening of the Euro and the Australian dollar.
General and administrative expenses for the third quarter 2015 were $11.8 million, or 10.7% of revenue, compared to $13.9 million, or 11.1% of revenue in the comparable period of last year. The decrease was mainly due to a decrease in share-based payment expenses.
Operating income (before the impact of restructuring costs) was $5.4 million, or 4.9% of revenue, compared to $8.9 million, or 7.1% of revenue, in the third quarter 2014. The decrease in operating income was driven primarily by negative impact on revenue from changes in foreign currency exchange rates, offset by lower operating expenses, mainly a reduction in sales and marketing expenses.
The net negative impact on operating income from changes in foreign currency exchange rates in comparison with the same period in 2014 was approximately $5.1 million.
Net financial income was $0.1 million compared to net financial income of $1.8 million in the same period in 2014. Financial income in the third quarter 2015 was mainly due to a reduction of liabilities in Israeli Shekels following its devaluation against the U.S. dollar.
Tax expense was $0.8 million with an effective tax rate of 26.0%, compared to $1.2 million with an effective tax rate of 11.5% in the third quarter 2014. The increase in the effective tax rate is due to the geographical allocation of profit before income tax.
Balance Sheet Review
Cash and cash equivalents at September 30, 2015 were $43.5 million compared to $46.9 million at December 31, 2014. The decrease is primarily attributable to the investment in the Company's new production facility, partially offset by cash generated from operations.
The Company had $47.6 million of bank debt at September 30, 2015 mainly for financing the investment in its new production facility, compared to $43.9 million of bank debt at December 31, 2014.
Working capital at September 30, 2015 decreased by 12.9% to $138.3 million compared to $158.8 million at December 31, 2014 largely due to the impact of the restructuring. Inventories at September 30, 2015 decreased by 12.4% to $121.2 million compared to $138.4 million at December 31, 2014.
Conference Call and Management Commentary
Detailed CFO commentary and a supplemental slide presentation have been annexed as Exhibits 99.2 and 99.3 to the Form 6-K furnished to the Securities and Exchange Commission and will be posted on the Company's website, http://sodastream.investorroom.com.
The Company has scheduled a conference call for 8:30 a.m. Eastern Standard Time (U.S. time) today (Wednesday, November 4, 2015) to review the Company's financial results. The conference call will be broadcast over the Internet as a "live" listen only Webcast. To listen, please go to: http://sodastream.investorroom.com. Listeners are urged to login approximately 20 minutes before the conference call is scheduled to begin in order to register, as well as download and install any necessary audio software. An archive of the Webcast will be available for 30 days after the call.
About SodaStream International
SodaStream is the world's leading manufacturer and distributor of Sparkling Water Makers, which enable consumers to easily transform ordinary tap water into sparkling water and flavored sparkling water in seconds. By making ordinary water more exciting and fun to drink, SodaStream helps consumers drink more water. Sparkling Water Makers offer a highly differentiated and innovative solution to consumers of bottled and canned carbonated soft drinks. The products promote health and wellness, are environmentally friendly, cost effective, and are customizable and fun to use. Products are available at more than 70,000 retail stores across 45 countries, including approximately 13,000 retail stores in the United States. To learn more about how SodaStream makes water exciting and follow SodaStream on Facebook, Twitter, Pinterest, Instagram and YouTube, visit http://www.sodastream.com.
Non-IFRS Financial Measures
The 6-K-IFRS measures, including Adjusted revenue, Adjusted net income, Adjusted EBITDA, and Adjusted diluted earnings per share ("Adjusted diluted EPS").
Adjusted EBITDA represents earnings before financial expense (income), income tax, depreciation and amortization, and further eliminates the effect of restructuring costs. Adjusted revenue, Adjusted net income and Adjusted diluted earnings per share eliminate the effect of restructuring costs.
The Company believes that the Adjusted revenue, Adjusted net income, Adjusted EBITDA and Adjusted diluted EPS, as described above, should be considered in evaluating the Company's operations. Adjusted revenue, Adjusted net income, Adjusted EBITDA and Adjusted diluted EPS exclude restructuring costs because most of this charge is a non-cash expense that does not reflect the performance of the Company's underlying business and operations. Adjusted EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting financial expenses (income), net), tax positions (such as the impact on periods or companies of changes in effective tax rates) and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively).
These measures should be considered in addition to results prepared in accordance with IFRS, but should not be considered a substitute for the IFRS results. The non-IFRS measures included in this press release have been reconciled to the IFRS results.
Forward Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include information about possible or assumed future results of our business and financial condition, as well as the results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "predict," "potential," or the negative of these terms or other similar expressions: Such statements are based on management's current beliefs and expectations and involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our ability to maintain or expand sales in our target markets, including the United States; our ability to maintain or continue to develop our presence in retail networks; our ability to develop and implement production and operating infrastructure to effectively support our growth; the success of our marketing campaigns and media spending in terms of increased sales or increased product and brand name awareness; our ability to maintain our customer base in markets where we have an established presence; the risks associated with our reliance on exclusive arrangements for the distribution of our beverage carbonation systems and consumables in each of the markets in which we use third-party distributors; our ability to compete effectively with other companies which currently offer, or may offer in the future, competing products; our ability to maintain margins due to decline in product selling price and/or rising costs; potential product liability claims if any component of our beverage carbonation systems is misused; our ability to protect our intellectual property rights; our being found to have a dominant position in certain markets which may place limits on our ability to operate; risks associated with our being a multinational corporation, including fluctuations in currency exchange rates; our potential exposure to greater than anticipated tax liabilities; our products being subject to extensive governmental regulation in the markets in which we operate; adverse conditions in the global economy which could negatively impact our customers' demand for our products; and other factors discussed under the heading "Risk Factors" in the Annual Report on the Form 20-F for the year ended December 31, 2014 and other documents filed with or furnished to the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Brendon Frey
ICR
Phone: + 1 203-682-8200
[email protected]
Consolidated Statements of Operations |
||||||||||||||||
In thousands (other than per share amounts) |
||||||||||||||||
For the nine months ended |
For the three months ended |
|||||||||||||||
September 30, |
September 30, |
|||||||||||||||
2014 |
2015 |
2014 |
2015 |
|||||||||||||
(Unaudited) |
(Unaudited) |
|||||||||||||||
Revenues |
$ |
385,248 |
$ |
300,193 |
$ |
125,905 |
$ |
110,015 |
||||||||
Cost of revenues |
187,668 |
155,455 |
61,428 |
59,255 |
||||||||||||
Gross profit |
197,580 |
144,738 |
64,477 |
50,760 |
||||||||||||
Operating expenses |
||||||||||||||||
Sales and marketing |
134,723 |
103,610 |
41,636 |
36,031 |
||||||||||||
General and administrative |
40,358 |
34,869 |
13,931 |
11,772 |
||||||||||||
Total operating expenses |
175,081 |
138,479 |
55,567 |
47,803 |
||||||||||||
Operating income |
22,499 |
6,259 |
8,910 |
2,957 |
||||||||||||
Interest expense (income), net |
552 |
64 |
219 |
(62) |
||||||||||||
Other financial income, net |
(1,210) |
(5,212) |
(2,002) |
(10) |
||||||||||||
Total financial income, net |
(658) |
(5,148) |
(1,783) |
(72) |
||||||||||||
Income before income taxes |
23,157 |
11,407 |
10,693 |
3,029 |
||||||||||||
Income tax expense |
2,672 |
2,158 |
1,229 |
787 |
||||||||||||
Net income for the period |
$ |
20,485 |
$ |
9,249 |
$ |
9,464 |
$ |
2,242 |
||||||||
Net income per share |
||||||||||||||||
Basic |
$ |
0.98 |
$ |
0.44 |
$ |
0.45 |
$ |
0.11 |
||||||||
Diluted |
$ |
0.96 |
$ |
0.44 |
$ |
0.45 |
$ |
0.11 |
||||||||
Weighted average number of shares |
||||||||||||||||
Basic |
20,956 |
21,030 |
21,000 |
21,041 |
||||||||||||
Diluted |
21,243 |
21,111 |
21,193 |
21,118 |
Consolidated Balance Sheets as of |
||||||||
December 31, |
September 30, |
|||||||
2014 |
2015 |
|||||||
(Audited) |
(Unaudited) |
|||||||
(In thousands) |
||||||||
Assets |
||||||||
Cash and cash equivalents |
$ |
46,880 |
$ |
43,480 |
||||
Inventories |
138,392 |
121,231 |
||||||
Trade receivables |
94,217 |
70,928 |
||||||
Other receivables |
34,789 |
29,493 |
||||||
Derivative financial instruments |
1,035 |
1,013 |
||||||
Total current assets |
315,313 |
266,145 |
||||||
Property, plant and equipment |
124,817 |
152,080 |
||||||
Intangible assets |
44,389 |
43,169 |
||||||
Deferred tax assets |
2,506 |
3,809 |
||||||
Other receivables |
273 |
437 |
||||||
Total non-current assets |
171,985 |
199,495 |
||||||
Total assets |
487,298 |
465,640 |
||||||
Liabilities |
||||||||
Loans and borrowings |
9,239 |
27,374 |
||||||
Derivative financial instruments |
491 |
- |
||||||
Trade payables |
67,011 |
46,919 |
||||||
Income tax payable |
11,740 |
10,044 |
||||||
Provisions |
2,469 |
2,622 |
||||||
Other current liabilities |
27,882 |
24,779 |
||||||
Total current liabilities |
118,832 |
111,738 |
||||||
Loans and borrowings |
34,645 |
20,241 |
||||||
Employee benefits |
2,174 |
2,051 |
||||||
Other non-current liabilities |
122 |
157 |
||||||
Deferred tax liabilities |
750 |
700 |
||||||
Total non-current liabilities |
37,691 |
23,149 |
||||||
Total liabilities |
156,523 |
134,887 |
||||||
Shareholders' equity |
||||||||
Share capital |
3,400 |
3,405 |
||||||
Share premium |
198,918 |
202,830 |
||||||
Translation reserve |
(14,908) |
(28,096) |
||||||
Retained earnings |
143,365 |
152,614 |
||||||
Total shareholders' equity |
330,775 |
330,753 |
||||||
Total liabilities and shareholders' equity |
$ |
487,298 |
$ |
465,640 |
Consolidated Statements of Cash Flows |
|||||||||||||||||
For the nine months ended |
For the three months ended |
||||||||||||||||
September 30, |
September 30, |
||||||||||||||||
2014 |
2015 |
2014 |
2015 |
||||||||||||||
(Unaudited) |
(Unaudited) |
||||||||||||||||
Cash flows from operating activities |
|||||||||||||||||
Net income for the period |
$ |
20,485 |
$ |
9,249 |
$ |
9,464 |
$ |
2,242 |
|||||||||
Adjustments: |
|||||||||||||||||
Amortization of intangible assets |
2,042 |
2,765 |
781 |
907 |
|||||||||||||
Change in fair value of derivative financial instruments |
(1,324) |
(3,040) |
(1,588) |
800 |
|||||||||||||
Exchange rate differences on Short-term loans and borrowing |
- |
(1,386) |
- |
(46) |
|||||||||||||
Exchange rate differences on long-term loans and borrowing |
(1,030) |
(2,870) |
(1,030) |
365 |
|||||||||||||
Depreciation of property, plant and equipment |
10,085 |
9,822 |
3,994 |
3,352 |
|||||||||||||
Restructuring costs |
- |
6,536 |
- |
2,003 |
|||||||||||||
Share based payment |
6,732 |
3765 |
2,195 |
1,334 |
|||||||||||||
Interest expense (income), net |
552 |
64 |
219 |
(62) |
|||||||||||||
Income tax expense |
2,672 |
2,158 |
1,229 |
787 |
|||||||||||||
40,214 |
27,063 |
15,264 |
11,682 |
||||||||||||||
Decrease (increase) in inventories |
(15,604) |
10,117 |
(11,659) |
5,061 |
|||||||||||||
Decrease (increase) trade and other receivables |
23,425 |
17,373 |
9,572 |
(1,850) |
|||||||||||||
Increase (decrease) in trade payables and other liabilities |
(17,933) |
(21,078) |
10,345 |
1,560 |
|||||||||||||
Increase (decrease) in employee benefits |
(70) |
(41) |
(89) |
74 |
|||||||||||||
Increase (decrease) in provisions |
378 |
188 |
(79) |
(88) |
|||||||||||||
30,410 |
33,622 |
23,354 |
16,439 |
||||||||||||||
Interest paid |
(549) |
(182) |
(220) |
(17) |
|||||||||||||
Income tax received |
715 |
549 |
5 |
283 |
|||||||||||||
Income tax paid |
(4,361) |
(5,508) |
(422) |
(2,303) |
|||||||||||||
Net cash from operating activities |
26,215 |
28,481 |
22,717 |
14,402 |
|||||||||||||
Cash flows from investing activities |
|||||||||||||||||
Interest received |
42 |
118 |
15 |
79 |
|||||||||||||
Proceeds from investment grants |
- |
2,252 |
- |
- |
|||||||||||||
Proceeds from (payment for) derivative financial instruments, net |
(527) |
2,571 |
721 |
828 |
|||||||||||||
Acquisition of property, plant and equipment |
(43,710) |
(40,793) |
(15,499) |
(12,208) |
|||||||||||||
Acquisition of intangible assets |
(4,054) |
(2,825) |
(1,508) |
(974) |
|||||||||||||
Net cash used in investing activities |
(48,249) |
(38,677) |
(16,271) |
(12,275) |
|||||||||||||
Cash flows from financing activities |
|||||||||||||||||
Proceeds from exercise of employee share options |
820 |
153 |
79 |
- |
|||||||||||||
Receipts of long-term loans and borrowings |
30,210 |
- |
30,210 |
- |
|||||||||||||
Repayments of long-term loans and borrowings |
- |
(14,026) |
- |
(1,674) |
|||||||||||||
Change in short-term debt |
(8,830) |
22,013 |
(31,997) |
9,673 |
|||||||||||||
Net cash from (used in) financing activities |
22,200 |
8,140 |
(1,708) |
7,999 |
|||||||||||||
Net increase (decrease) in cash and cash equivalents |
166 |
(2,056) |
4,738 |
10,126 |
|||||||||||||
Cash and cash equivalents at the beginning of the period |
40,885 |
46,880 |
36,244 |
33,418 |
|||||||||||||
Effect of exchange rates fluctuations on cash and cash equivalents |
(1,150) |
(1,344) |
(1,081) |
(64) |
|||||||||||||
Cash and cash equivalents at the end of the period |
$ |
39,901 |
$ |
43,480 |
$ |
39,901 |
$ |
43,480 |
Information about Adjusted revenue in reportable segments |
|||||||||||||||||||||||||||
Western Europe |
The Americas |
Asia-Pacific |
Central & |
Total |
|||||||||||||||||||||||
(In thousands) |
|||||||||||||||||||||||||||
Nine months ended: |
|||||||||||||||||||||||||||
September 30, 2014 (Unaudited) |
$ |
214,805 |
105,141 |
37,396 |
27,906 |
$ |
385,248 |
||||||||||||||||||||
September 30, 2015 (Unaudited) |
188,238 |
72,098 |
27,040 |
15,637 |
$ |
303,013 |
|||||||||||||||||||||
Three months ended: |
|||||||||||||||||||||||||||
September 30, 2014 (Unaudited) |
$ |
74,589 |
29,504 |
13,265 |
8,547 |
$ |
125,905 |
||||||||||||||||||||
September 30, 2015 (Unaudited) |
$ |
68,505 |
26,234 |
8,997 |
6,279 |
$ |
110,015 |
||||||||||||||||||||
The following tables present the Company's Adjusted revenue, by |
||||||||||||||||
product type for the periods presented, as well as such revenue |
||||||||||||||||
by product type as a percentage of total revenue: |
||||||||||||||||
Nine months ended |
Three months ended |
|||||||||||||||
September 30, |
September 30, |
|||||||||||||||
2014 |
2015 |
2014 |
2015 |
|||||||||||||
(Unaudited) |
(Unaudited) |
|||||||||||||||
Revenue |
||||||||||||||||
(in thousands) |
||||||||||||||||
Sparkling Water Maker starter kits (including exchange cylinders) |
$ |
119,534 |
$ |
91,499 |
$ |
41,464 |
$ |
34,234 |
||||||||
Consumables |
254,835 |
205,133 |
81,212 |
73,882 |
||||||||||||
Other |
10,879 |
6,381 |
3,229 |
1,899 |
||||||||||||
Total |
$ |
385,248 |
$ |
303,013 |
$ |
125,905 |
$ |
110,015 |
Nine months ended |
Three months ended |
|||||||||||||||
September 30, |
September 30, |
|||||||||||||||
2014 |
2015 |
2014 |
2015 |
|||||||||||||
(Unaudited) |
(Unaudited) |
(Unaudited) |
||||||||||||||
As a percentage of revenue |
||||||||||||||||
Sparkling Water Maker starter kits (including exchange cylinders) |
31.0 |
% |
30.2 |
% |
32.9 |
% |
31.1 |
% |
||||||||
Consumables |
66.1 |
% |
67.7 |
% |
64.5 |
% |
67.2 |
% |
||||||||
Other |
2.9 |
% |
2.1 |
% |
2.6 |
% |
1.7 |
% |
||||||||
Total |
100.0 |
% |
100.0 |
% |
100.0 |
% |
100.0 |
% |
The following table provides a reconciliation of Non-IFRS to IFRS |
||||||||||||
financial data for the three months ended September 30, 2015: |
||||||||||||
Non-IFRS |
Restructuring |
IFRS |
||||||||||
In Thousands USD |
||||||||||||
Revenue |
$ |
110,015 |
$ |
$ |
110,015 |
|||||||
Cost of revenue |
56,800 |
2,455 |
59,255 |
|||||||||
Gross profit |
53,215 |
(2,455) |
50,760 |
|||||||||
Operating income |
5,412 |
(2,455) |
2,957 |
|||||||||
Net income for the period |
$ |
4,697 |
$ |
(2,455) |
$ |
2,242 |
||||||
Net income per share |
||||||||||||
Basic and diluted (in USD) |
0.22 |
(0.11) |
0.11 |
EBITDA |
||||||||||||||||
Nine months ended |
Three months ended |
|||||||||||||||
September 30, |
September 30, |
|||||||||||||||
2014 |
2015 |
2014 |
2015 |
|||||||||||||
(Unaudited) |
||||||||||||||||
(In thousands) |
||||||||||||||||
Reconciliation of Net Income to EBITDA |
||||||||||||||||
Net income |
$ |
20,485 |
$ |
9,249 |
$ |
9,464 |
$ |
2,242 |
||||||||
Financial income, net (*) |
(658) |
(5,148) |
(1,783) |
(72) |
||||||||||||
Income tax expense |
2,672 |
2,158 |
1,229 |
787 |
||||||||||||
Depreciation and amortization |
12,127 |
12,587 |
4,775 |
4,259 |
||||||||||||
EBITDA |
$ |
34,626 |
$ |
18,846 |
$ |
13,685 |
$ |
7,216 |
||||||||
Restructuring |
- |
7,347 |
- |
2,455 |
||||||||||||
Adjusted EBITDA |
34,626 |
26,193 |
13,685 |
9,671 |
(*) Starting in Q1 2015, the Company presents EBITDA excluding total financial expense (income), net, as opposed to 2014 in which EBITDA was presented excluding only interest expense. Three months ended September 30, 2014 and nine months ended September 30, 2014 EBITDA were also adjusted to exclude total financial expense.
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SOURCE SodaStream International Ltd.
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